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| Question No: 1 |
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Annual – general Meeting is required to be held---
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| By a private company only |
| By a public company only |
| By a company limited by guarantee only |
| By all kinds of companies |
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| Question No: 2 |
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An acceptance is complete and effective only when it has been---
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| Communicated to the offerer |
| Merely mentally accepted |
| Externally manifested |
| Kept in the drawer |
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| Question No: 3 |
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Name of a company can be changed by passing a special resolution and with the approval of---
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| The company law tribunal |
| The Central Government |
| The Registrar of Companies |
| None of these |
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| Question No: 4 |
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Which of the following is a mode of discharge of contract---
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| By impossibility of performance |
| By lapse of time |
| By breach of contract |
| All of these |
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| Question No: 5 |
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Limited liability means liability of its---
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| Debtors is limited |
| Creditors is limited |
| Members is limited |
| Debenture holders is limited |
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| Question No: 6 |
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In a contract of sale, property means---
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| Raw-materials |
| Movable goods |
| Ownership |
| Immovable property |
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| Question No: 7 |
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The goods which are yet to be acquired by the seller, are called---
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| Existing goods |
| Contingent goods |
| Unascertained goods |
| Future goods |
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| Question No: 8 |
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A contract becomes voidable if it has been caused by---
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| Coercion |
| Fraud |
| Undue Influence |
| All of them |
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| Question No: 9 |
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If the goods have perished, the contract of sale of such specific goods, will become---
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| Voidable |
| Void |
| Illegal |
| None of these |
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| Question No: 10 |
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Articles can be altered by---
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| Ordinary resolution |
| Special resolution |
| Resolution requiring special notice |
| Unanimous resolution |
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| Question No: 11 |
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Acceptance of an offer is complete as against the offeror as soon as---
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| The offerer knows about it |
| The letter of acceptance is posted |
| The letter of acceptance is signed by offeree |
| The letter is handed over to a delivery person |
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| Question No: 12 |
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A contract with a minor is---
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| Illegal |
| Valid |
| Void |
| Voidable |
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| Question No: 13 |
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Who is liable for the supply of necessaries to a minor---
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| His guardian |
| His manager |
| His property |
| He himself |
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| Question No: 14 |
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A prospectus is issued---
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| By a private limited company |
| By a public limited company |
| By a company limited by guarantee |
| None of these |
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| Question No: 15 |
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When, before the contract becomes due for performance, the promisor declares his intention of not performing his promise, it is called---
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| Remission |
| Waiver |
| Alteration |
| Anticipatory breach |
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| Question No: 16 |
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A bailment cannot be made about---
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| Car |
| Furniture |
| Money |
| Television |
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| Question No: 17 |
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The damages which arise in the usual course of things happening from the breach of contract, are called---
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| Remote damages |
| Ordinary damages |
| Special damages |
| Nominal damages |
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| Question No: 18 |
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When a person is employed to represent another in dealings with third person, it is a contract of---
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| Bailment |
| Guarantee |
| Agency |
| Pledge |
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| Question No: 19 |
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Which of the following is not an essential element of a contract of sale---
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| Goods as subject matter |
| Transfer of property in goods |
| Price |
| Railway receipts |
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| Question No: 20 |
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In return for a new television, Raju agrees to give his old television valued at Rs. 3,000 and an amount of cash worth Rs. 5,000 to Ganesh. This is a---
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| Barter |
| Exchange |
| Contract of sale of goods |
| Sale of approval |
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| Question No: 21 |
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Which of the following rights is held by an unpaid seller---
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| Right of lien |
| Right of stoppage in transit |
| Right of resale |
| All of these |
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| Question No: 22 |
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After exercising the right of lien, the seller can resell the goods of perishable nature---
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| After giving 7 days notice of resale to buyer |
| After giving 1 week’s notice |
| Without giving any notice |
| None of these |
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| Question No: 23 |
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A contract entered into between the parties by words is called---
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| An express contract |
| An implied contract |
| A quasi contract |
| An excited contract |
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| Question No: 24 |
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If a company fails to pay its debts suit can be filed against the---
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| Directors |
| Members |
| Officers |
| Company |
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| Question No: 25 |
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Which of the following is not a remedy for breach of contract---
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| Rescission of the contract |
| Restitution of benefit |
| Suit for damages |
| Alteration of the contract |
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| Question No: 26 |
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A contract by which one party promises to save the other from loss is called---
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| Contract of guarantee |
| Contract of indemnity |
| A quasi contract |
| None of these |
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| Question No: 27 |
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Surety’s liability is---
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| Primary |
| Secondary |
| Absolute |
| None of these |
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| Question No: 28 |
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Crossed cheques payable to bearer are negotiated by---
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| Endorsement and delivery |
| Delivery |
| Assignment |
| None of these |
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| Question No: 29 |
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In a contract of sale, which of the following is treated as implied condition---
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| That the seller has title to goods |
| That goods are similar to description |
| That goods are according to sample shown |
| All of these |
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| Question No: 30 |
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Consideration must move at the desire of---
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| The promisor |
| The promisee |
| A third party |
| None of them |
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| Question No: 31 |
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Which of the following does not relate to ‘termination of agency by operation of law’---
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| Death of principal |
| Insolvency of principal |
| Destruction of subject-matter |
| Revocation of authority by the principal |
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| Question No: 32 |
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Which of the following sentence is a valid promissory note---
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| I promise to pay Mohan or order Rs. 1,000. |
| I promise to pay Hari Rs. 2,000 worth of shares.. |
| I promise to pay Naraynan in East India Bonds |
| I promise to pay Rakesh Rs. 5,000 and to deliver 50 kg of sugar. |
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| Question No: 33 |
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A stipulation collateral to the main purpose of the contract, is called a---
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| Condition |
| Warranty |
| Guarantee |
| None of these |
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| Question No: 34 |
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A person who receives a negotiable instrument for consideration, before maturity, and in good faith, is called---
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| Holder for value |
| Holder |
| Holder in due course |
| None of these |
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| Question No: 35 |
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A director must vacate his office if he fails to obtain qualification shares within---
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| 1 week |
| 2 weeks |
| One month |
| 2 months |
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| Question No: 36 |
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Which of the following rights are available to a finder of goods---
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| Right of lien |
| Right to file a suit for reward |
| Right of sale of goods |
| All of these |
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| Question No: 37 |
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A private company has at least---
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| 7 members |
| 3 members |
| 3 directors |
| 2 members |
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| Question No: 38 |
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A cheque payable to order may be negotiated---
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| By delivery |
| By endorsement |
| By endorsement and delivery |
| None of these |
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| Question No: 39 |
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Which of the following endorsements is invalid---
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| Restrictive endorsement |
| Conditional endorsement |
| Special endorsement |
| Partial endorsement |
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| Question No: 40 |
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When a cheque bears across its face an addition of the words “&” between two parallel transverse lines, it is called---
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| Special crossing |
| Restrictive crossing |
| General crossing |
| Double crossing |
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